Results 8,361-8,380 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Universal Social Charge Application (11 Feb 2015)

Michael Noonan: I am informed by the Revenue Commissioners that the estimated first and full year cost to the Exchequer of reducing the Universal Social Charge (USC) on self-employed income in excess of €100,000 from 11% to 8% is €54 million and €125 million respectively. All figures above are estimates for 2015, using the actual data for the year 2012 (the latest year for which...

Written Answers — Department of Finance: National Minimum Wage (11 Feb 2015)

Michael Noonan: I am informed by the Revenue Commissioners that workers earning the minimum wage are not separately identified on Revenue records, and therefore it is not possible to estimate the additional yield to the Exchequer from increasing the minimum wage as outlined. The complexities of estimating the increased yield from income taxation would require, among other information, details...

Written Answers — Department of Finance: Debt Conference (11 Feb 2015)

Michael Noonan: I have no plans to discuss a euro area debt conference with the new Greek Finance Minister in Dublin. My view is that when countries encounter difficulties, a process of negotiation is always better than one of conflict. Specifically in the case of euro area Member States, all programme negotiations have been conducted within the Eurogroup and Ecofin, with IMF involvement as...

Written Answers — Department of Finance: National Debt (11 Feb 2015)

Michael Noonan: I propose to take Questions Nos. 52 and 53 together. The National Treasury Management Agency has provided the following figures which for 2014 are provisional, unaudited figures at this point. The figures presented in the table represent National Debt cash interest only. The figures in the table reflect the impact of hedging transactions. Table: National Debt Interest...

Written Answers — Department of Finance: Tax Collection (11 Feb 2015)

Michael Noonan: I have been advised by the Revenue Commissioners that, on the basis of the information currently available to them, the correct tax is being deducted from the individual concerned. I understand that Revenue have made arrangements to send a tax credit certificate to the person concerned detailing how the tax credits have been calculated. If the person concerned has any questions in relation to...

Written Answers — Department of Finance: Tax Reliefs Cost (11 Feb 2015)

Michael Noonan: Section 467 of the Taxes Consolidation Act 1997 provides for tax relief at the marginal rate for expenses incurred by an individual who employs a carer to take care of an incapacitated individual in their own home. In order to assist those who prefer to source care for such individuals for provision in their own homes and to alleviate the pressure on nursing home beds, I increased the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: ECOFIN Briefings: Minister for Finance (10 Feb 2015)

Michael Noonan: I thank the Chairman and committee members for inviting me to speak in advance of the next ECOFIN meeting on Tuesday, 17 February, in Brussels. Although it is little under a week away from the meeting, and the final agenda may change, it is a useful opportunity to discuss the issues before finance Ministers at the Council. This will be the second ECOFIN meeting under the Latvian EU...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: ECOFIN Briefings: Minister for Finance (10 Feb 2015)

Michael Noonan: The authorities are anxious to proceed very quickly. It is known familiarly, as the Deputy knows, as the Juncker plan. Mr. Juncker, being the President, has a personal interest in advancing it quickly. The European Central Bank regards the investment programme as a very important parallel initiative to quantitative easing and believes that quantitative easing on its own would require an...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: ECOFIN Briefings: Minister for Finance (10 Feb 2015)

Michael Noonan: With the leveraging involved, some public private partnerships, PPPs, would be used, as well as loans and equity.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: ECOFIN Briefings: Minister for Finance (10 Feb 2015)

Michael Noonan: No, but with the interest rates being so low, the terms would have to be generous to make it worth our while.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: ECOFIN Briefings: Minister for Finance (10 Feb 2015)

Michael Noonan: I cannot say yet. There is a double tap on the leveraging. Approximately €21 billion is being put in, and that is leveraged three times in the first instance by the EIB, which brings the amount to approximately €63 billion. Then that is leveraged five times to reach the figure of €315 billion. It is at the second stage of leveraging that the matching private sector...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: ECOFIN Briefings: Minister for Finance (10 Feb 2015)

Michael Noonan: Yes. The next step, activating it, is more a matter for the Minister for Public Expenditure and Reform, Deputy Howlin, and his Department, because it is something that would fit easily with an extension of a capital programme. Obviously, we will have an input. There will not be any secrets about it. I am sure the Minister, Deputy Howlin, will share information with the committee.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: ECOFIN Briefings: Minister for Finance (10 Feb 2015)

Michael Noonan: No. There are two items there about budgets. It will review the 2014 budget. The way it normally works is that the creditor nations are critical and the expenditure nations are seeking expanded budgets. There is qualified majority voting; there will not be unanimity. Certain countries, which one can predict, will have a problem with overspending, while other countries, which one can...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: ECOFIN Briefings: Minister for Finance (10 Feb 2015)

Michael Noonan: The Council recommendations for the 2016 budget guidelines are an important orientation of how member states would like to see next year's budget prepared. Ireland can support this Council recommendation, as it strikes the correct balance between investment in growth and job creation and recognising the requirement for fiscal prudence. This discussion takes place against the backdrop of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: ECOFIN Briefings: Minister for Finance (10 Feb 2015)

Michael Noonan: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: ECOFIN Briefings: Minister for Finance (10 Feb 2015)

Michael Noonan: It relates to the various financial dossiers. They report progress on the progress they are making through Council or the European Parliament. It is just for information. Nothing has been brought to my attention that I need to alert the committee to at this meeting.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: ECOFIN Briefings: Minister for Finance (10 Feb 2015)

Michael Noonan: The Deputy is familiar with the sequence of events. There was an election in Greece, which Syriza, the main opposition party, won. It quickly formed a government, and a cabinet was put in place. Then the Prime Minister and the Minister for Finance embarked on a diplomatic initiative around Europe and visited the bigger countries, in particular, while representatives of the various European...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: ECOFIN Briefings: Minister for Finance (10 Feb 2015)

Michael Noonan: I must wait to hear the proposal. One suggestion for a bridge is that the Greek authorities would be allowed to sell treasury bills up to the level of the bridge required. Originally they were talking about €15 billion, but it now appears the bridge would be more than that, because there has been fall-off in the collection of taxes. The European Central Bank has set a limit on the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: ECOFIN Briefings: Minister for Finance (10 Feb 2015)

Michael Noonan: As I said, I have great sympathy for the Greek people and absolutely recognise, as anyone would, the mandate given to the new Greek Government by Greek voters and the Greek population, but I am holding my position until I hear the proposals because to speculate now might give absolutely the wrong steer, as the situation is very sensitive. I thought there would be more time, but things have...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: ECOFIN Briefings: Minister for Finance (10 Feb 2015)

Michael Noonan: A new government has been elected in Greece on a platform of change. As I said, I respect the mandate it has received. Obviously, what is at issue is the nature of that change. When we were elected in 2011, we were committed to making changes and we did so. We negotiated the changes and I put forward the proposition in Europe that, as far as I was concerned, it was one piece of the...